13 January 2011 17:21 [Source: ICIS news]
LONDON (ICIS)--European methyl methacrylate (MMA) spot prices have fallen by €100/tonne ($132/tonne) due to improved availability, a buyer said on Thursday.
European spot MMA was now valued at €2,150-2,300/tonne FD (free delivered) NWE (northwest Europe), compared with €2,250-2,400/tonne in December.
“We bought 60 tonnes at €2,150/tonne. Availability has improved a little bit, so we are able to get spot for a lower price,” the buyer said.
Traders said demand had improved but described the market as subdued.
“It’s still quiet, though better than December. But this quietness is typical for this time of year, so it is no surprise,” a trader said.
Offtake for outdoor applications was soft but consumption was expected to pick up in February and strengthen through the quarter as temperatures began to rise.
“Usually February is better than January. It depends on the weather because of the construction industry, but March and April will definitely pick up,” the trader added.
First-quarter contract prices looked set to increase because of tight supply and healthy buying interest, particularly from the polymethyl methacrylate (PMMA) sector. Contract negotiations for the quarter were ongoing and expected to conclude next week.
Fourth-quarter MMA contracts settled up €130-150/tonne, at €1,860-1,935/tonne FD NWE, following another quarter of limited availability and strong demand.
($1 = €0.76)
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